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Touchstone Exploration reveals improved performance for third quarter

“With the further increase in operating netback achieved during this quarter, we are in position to continue to strengthen and grow our business"
oil and gas operations
It saw better netbacks and better oil prices

Touchstone Exploration Inc (LON:TXP, TSE:TXP) has reported third quarter results boosted by increase in production and oil prices.

The company generated some US$1.387mln, compared with US$438,000 for the preceding quarter and US$1.56mln in the same period of last year.

READ: Touchstone Exploration shares rise as house broker highlights Trinidad switch trades

It highlighted that the realised operating netback of US$24.46 per barrel, up 25% from the previous quarter and 29% higher than last year. Average oil sales amounted to 1,437 barrels per day, up 8% from the quarter before and 13% from the third quarter of 2016.

Operationally, the group highlighted that it had successfully drilled one new well and recompleted three existing wells.

READ: Touchstone Exploration to push ahead with Trinidad programme after early success

Paul Baay, Touchstone chief executive, said: "I am very pleased with the results of the 2017 drilling programme, with the four wells drilled thus far exceeding our expectations.

“We are excited to take the proven geological concept to our Coora 2 and WD-8 properties. These wells will also satisfy our 2016 and 2017 work commitments.

“With the further increase in operating netback achieved during this quarter, we are in position to continue to strengthen and grow our business."

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